Paragon Drive Copy 10 -Personal Special Edition- seems to offer interesting possibilities. (Available Free today, 16 Sep 10, on "giveawayoftheday" -- file size: 101MB!) here:

Here is a quote from the product details:

"Drive Copy 10 Personal will help you to perform many other useful operations. Learn more about them below:
Scenario 1 Create a virtual clone of your PC
Scenario 2 Upgrade your hard drive to a new one
Scenario 3 Migrate to new hardware
Scenario 4 Continue using your old PC in a virtual environment
Scenario 5 Use Drive Copy for backup purposes
Scenario 6 Safely Evaluate New Software
Scenario 7 Use Multiple Operating Systems on One PC
Scenario 8 Manage your hard drive
Scenario 9 Recover in case of disasters "

The product is (apparently) also a full back-up program capable of saving a full system image, incremental backups of specified files, full partition managment and "recovering from failed hardware migration".

It retails at just under $30 and works with (Quote): "Windows XP Home Edition, XP Professional SP1/SP2 (x32/x64), 2000 Professional SP4, Vista (x32/x64), 7 (x32/x64); CPU Intel Pentium or compatible/ 300MHz or higher processor"

The idea of carrying a "clone" of your own PC on a removable drive "stick" and using it on any other PC is fascinating. What about Licencing Restrictions on the number of copies of a program that one may have at any one time? What about overcoming Product Re-activation issues when the OS detects it is on different hardware? etc etc?)

Has any Lounger used this product? (It sounds too good to be true!)

(Edited to correct typos)